Gold chart analysis

During the Asian trading session, the price of gold fell to a new August low at the $1909 level. In the continuation, the price recovered slightly to the $1915 level, where it encountered resistance. We are now moving into the $1910-$1915 range and need a breakout above or below to determine the trend.

We need a positive consolidation and price breakout above the $1915 level for a bullish option. Then, we need to stay above and start further recovery with a new impulse. Potential higher targets are the $1920 and $1925 levels.

We need a negative consolidation and a drop below the $1910 level for a bearish option. After that, we can expect to see a continued retreat in the price of gold. Potential lower targets are $1900 and $1890 levels.

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Silver chart analysis

During the Asian trading session, the price of silver reached 22.50, the lowest in the previous 30 days. At the start of the EU session, silver made a positive move and climbed to the $22.70 level. We are now consolidating around that level, and we could expect to see further recovery in the price of silver.

We need a positive consolidation and a move to the $22.80 level for a bullish option. Then, we need to see a breakout above and hold above there. With the next impulse, we would start further recovery, and the potential higher targets are $22.90 and $23.00 levels.

We need a negative consolidation and a price drop below the $22.50 level for a bearish option. After that, the price will form a new low, which confirms the bearish scenario. Potential lower targets are $22.40 and $22.30 levels.

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